Just got out of a session with all the design heads for the Wynn project.

It was very interesting. I took some good notes and will publish something on it soon.

June 23, 2005 11:19 AM
Posted by tom

I confess that I totally forgot you were going there this week. Very much looking forward to your reports and second impressions. I am starting to see alot more people favorably review the Wynn on the web now than when they opened. Also, you said that there were pics of the Mirage high roller room but I did not see them in your latest post. Did I miss??

I just purchased the latest "Vegas" magazine. In just flipping thru it I noticed a large number of condo towers under development. Some of these are already selling units or are sold out. Here is the list just from the ads in the magazine

The obvious:

Trump Tower(behind the New Frontier)

Turnberry Towers(TPlace is sold out, these are located on paradise road just east of the Sahara Casino)

News to me:

Palms Place(Next to the Palms Casino)

Pinnacle One(4780 W. Tropicana)

Icon(two towers just south of the Riviera approx 1 block east of LV Blvd.)

Allure Las Vegas(northwest corner of Sahara & LV Blvd just south of the Strat)

Vegas Grand(NE corner of Flamingo & Swenson)

One Las Vegas(LV Blvd & Shelbourn Ave, across I15 from the Silverton Casino)

Sandurst Las Vegas(Downtown in new development behind the Plaza)

The Cosmopolotin Resort/Casino(on 8.5 acres just south of Bellagio, does include some condos)

Streamline Tower(NE corner of LVBlvd & Freemont St.)

All of these places have big glossy ads, websites and seem to be actively selling units. I suspect there are numerous other projects in development that I don't know about but I was still surprised by what was already being built. And this does not include the new Project CityCenter and any further development Wynn has planned on his property. By the way all of these condo towers had starting prices above $400k up to $7million. All I can say is WOW!

June 23, 2005 1:14 PM
Posted by Mark

I noticed that you posted some photos of Bellagio's exec. suite and other fancy Bellagio suites on flickr and I was just wondering... Where did you get the pics and did it cost anything?

I get promo photos from MGM MIRAGE as they are released. I post the interesting ones - most are pretty boring.

June 23, 2005 3:11 PM
Posted by detroit1051

Tom, I stopped at Cosmopolitan's condo sales office next to Bellagio. The location would be perfect since it is surrounded by MGM's new City Center development (other than Jockey Club which no one can get rid of.)

Studio apts were $750,000 for less than 700 sq. ft. 1-Bedroom was $1.2 Million. Most are sold, or at least reserved. Condos will be condo hotels similar to Residences at MGM Grand. Hotel will be operated by Grand Hyatt. There will be a 75,000 sq ft casino. They didn't know the operator.

I'm usually wrong on things like this, but I can't imagine Las Vegas real estate prices will be sustainable. Some projects being promoted will never be built, but I'm sure Cosmopolitan will be.

June 23, 2005 3:12 PM
Posted by detroit1051

I just finished a lengthy trip report after my three days each at Bellagio and Wynn. I'll email it to Hunter, so he can decide if it's too long to post.

The operator of the Cosmopolitan will be 3700 Associates. They will be in charge of the condo and condo-hotel sales and the leasing out of the retail promenade that will occupy the first 4 floors of the Cosmopolitan. They are also the principal owner of the development. The group is made up by Bruce Ian Eichner, a part of George Soros managment subsidiary and someone that I personally have known, David Friedman. Friedman was Sheldon Adelson's primary lawyer and right hand man for Las Vegas Sands untill he left the company to start the Cosmopolitan. I'am not sure however if 3700 Associates will be operating the casino. My guess is they won't be because their experience mainly comes form real estate development with Bruce Ian Eichner's previous projects in New York and Miami.

June 23, 2005 5:08 PM
Posted by tom

Detroit,

All of the properties I listed are pretty solid I believe, but some are actually under construction while others are still in development.(based upon my take of their websites) I am not surprised by the prices since I believe alot of these people will come from So. Cal. where the property values are pretty high. I am curious if the Cosmopolitan had models to tour and what was your impression. I am concerned about the architectural look of this resort so close to the Bellagio. It looks like it will really conflict. It also looks as if it will block some of the views from Bellagio rooms.

June 23, 2005 6:18 PM
Posted by detroit1051

Cosmopolitan's narrow side faces the Strip and the property fronts the Strip from the Jockey Club to Harmon. There will eventually be a second, smaller building. There were no models, but the mock-up in the sales office made me think there will not be a detrimental effect on Bellagio. I had forgotten about Soros, but when I asked about money, they mentioned both Eichner and Soros.http://www.cosmolv.com

June 23, 2005 6:36 PM
Posted by charlie

what/where is image IMG_0955?

June 23, 2005 6:43 PM
Posted by charlie

Wine Spectator Cover Story - Wynn Las Vegas

FYI - I just received the July 31 issue of Wine Spectator and Wynn Las Vegas is the feature article (especially in regards to its restaurants). The "Lake of Dreams" is on the cover. Very favorable review, unlike Vanity Fair.

I am really excited to see the high rollers room. Although I am not a high roller, I am just curious to know what is inside. Aside from the abundant ebtertainment, I wonder what is in store inside the high rollers room. I would like to take a sneak peak and do a little high roller impersonation.